Mar 21, 2010

Daily Markets - Financial News And Opinions

Daily Markets - Financial News And Opinions

Crude Oil Futures Down Even As Funds Increase Bet On Higher Prices

Posted: 21 Mar 2010 06:01 PM PDT

Crude oil futures kept falling back from highs even though speculative funds increased their bets that prices are headed higher. The benchmark West Texas Intermediate contract ended the week at $80.68 a barrel, after nearing $83 earlier in the week, compared to $81.24 a week ago.

Saudi Arabia’s oil minister, Ali Naimi, made it clear once again on Tuesday that the world’s largest oil producer prefers a range of $70 to $80 for oil prices. Speaking to journalists in Vienna prior to and … [visit site to read more]


Back Buying The Same Kind Of Crap

Posted: 21 Mar 2010 05:32 PM PDT

After reaching the point where they were embracing all forms of risk with reckless abandon, investors eventually paid a heavy price when the bubble burst in 2007.
However, instead of learning their lesson, they are back buying the same kind of crap that got them into trouble before, as Bloomberg reveals in “Junk Bonds Selling at Briskest Pace Since 2007″ [italics mine]:

Companies are selling high-yield, high-risk bonds at the fastest pace since credit markets seized up in 2007 as … [visit site to read more]

TIPS Expected To Move Higher After Consolidation

Posted: 21 Mar 2010 05:01 PM PDT

TIPS are bonds that provide inflation protection. While Erin covered this subject in yesterday’s blog, I wanted to cover it with a little more depth and from a somewhat different perspective. Our default “first look” charts are usually set for one year, but I personally like to step back to a three-year chart to help put recent price action in a longer-term context.

I think the most prominent feature on the chart is the crash in October 2008. Before that you can see the strong advance, … [visit site to read more]

Morgan Stanley’s Roach: “We Should Take Out The Baseball Bat On Krugman”

Posted: 21 Mar 2010 01:01 PM PDT

Stephen Roach, chairman of Morgan Stanley Asia, talks with Bloomberg’s Susan Li and Paul Gordon from Beijing about the US calls for a stronger yuan. China is conducting stress tests to gauge the effect of yuan appreciation on companies, a sign the government may be preparing for policy change even as it rebuffs foreign criticism of its 20-month dollar peg.
Criticizing Paul Krugman’s comments that the US should consider a 25% surcharge on Chinese goods, Roach said: “They don’t want to look in … [visit site to read more]
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